Customs Today
  • Home
  • Islamabad
  • Karachi
  • Lahore
  • National
  • Transfers and Postings
  • Chambers & Associations
  • Business
No Result
View All Result
Customs Today
  • Home
  • Islamabad
  • Karachi
  • Lahore
  • National
  • Transfers and Postings
  • Chambers & Associations
  • Business
No Result
View All Result
Customs Today
No Result
View All Result

France’s Total fined €750,000 over Iraq ‘oil-for-food’ scandal

byAmmad Ahmed
15/03/2016
in Uncategorized
Share on FacebookShare on Twitter

PARIS: French oil giant Total was ordered on appeal to pay 750,000 euros ($827,000) for corruption linked to the UN “oil-for-food” programme established for Iraq during Saddam Hussein’s rule.

The Swiss-based Dutch oil group Vitol was fined 300,000 euros.

You might also like

IHC approves Telenor Pakistan-Ufone merger

14/07/2026

Mastercard, BoP expand strategic collaboration to support Pakistan’s cashless economy

14/07/2026

They were among more than a dozen individuals and companies who were cleared of corruption in 2013 after an eight-year investigation.

They had been accused of siphoning cash from the $64 billion (54 billion euros) UN programme that allowed Iraq, then under crippling international sanctions, to sell limited quantities of oil to buy humanitarian supplies between 1996 and 2003.

The fine slapped on Total  was the maximum possible at the time of the wrongdoing.

Saddam forced foreign companies involved in the programme to pay a 10 percent surcharge – accounted for as “transport costs” or “after-sales service” – which in reality went to the regime’s coffers.

A UN inquiry led by former US Federal Reserve chairman Paul Volcker alleged in 2005 that the 2,200 companies involved in the programme had paid a total of $1.8 billion in kickbacks to win supply deals. Of those, 180 were French.

 

 

 

Related Stories

IHC approves Telenor Pakistan-Ufone merger

byCT Report
14/07/2026

ISLAMABAD – The Islamabad High Court (IHC) has approved the merger of Telenor Pakistan Private Limited with Pakistan Telecom Mobile...

Mastercard, BoP expand strategic collaboration to support Pakistan’s cashless economy

byCT Report
14/07/2026

KARACHI: Senior leadership of Mastercard and The Bank of Punjab (BOP) met in Karachi to reaffirm and expand their strategic...

Colour & Chem Expo 2026 to bring 300 exhibitors to Lahore

byCT Report
14/07/2026

LAHORE: Pakistan's flagship exhibition for the dyes, chemicals and allied industries, the 11th Colour & Chem Expo 2026, will be...

FPCCI for taking steps to protect economy against fallout of renewed ME crisis

byCT Report
14/07/2026

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Monday urged the economic policymakers to devise a crisis-response...

Next Post

Wholesale trade sales fall 2.6% in Jan 2016

  • Terms and Conditions
  • Disclaimer

© 2011 Customs Today -World's first newspaper on customs. Customs Today.

No Result
View All Result
  • Transfers and Postings
  • Latest News
  • Karachi
  • Islamabad
  • Lahore
  • National
  • Chambers & Associations
  • Business
  • About Us

© 2011 Customs Today -World's first newspaper on customs. Customs Today.